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CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 74
Application of property; list of contributories
74. Section 478 of the Corporations Law is amended by omitting subsections (1)
and (2) and substituting the following subsections:
"(1) As soon as practicable after the Court orders that a company be wound up,
the liquidator must:
(a) cause the company's property to be collected and applied in
discharging the company's liabilities; and
(b) consider whether subsection (1A) requires him or her to settle a list
of contributories.
"(1A) A liquidator of a company that is being wound up in insolvency or by the
Court must settle a list of contributories if it appears to him or her likely
that:
(a) either:
(i) there are persons liable as members or past members to
contribute to the company's property on the winding up; or
(ii) there will be a surplus available for distribution; and
(b) it will be necessary:
(i) to make calls on contributories; or
(ii) to adjust the rights of the contributories among themselves.
"(1B) A liquidator of such a company may rectify the register of members so
far as required under this Part.".
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